AllCity, Inc., is financed 44% with debt, 5% with preferred stock, and 51% with common stock. Its pretax cost of debt is 6.4%, its preferred stock pays an annual dividend of $2.54 and is priced at $34. It has an equity beta of 1.17. Assume the risk-free rate is 1.6%, the market risk premium is 7.4% and AllCity's tax rate is 25%. What is its after-tax WACC?

Note: Assume that the firm will always be able to utilize its full interest tax shield.